The European Bank for Reconstruction and Development (EBRD) and the European Union are boosting their support for underserved micro, small and medium-sized enterprises (MSMEs) in eastern Europe, the Caucasus and the southern and eastern Mediterranean region. This includes Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.
The European Fund for Southeast Europe (EFSE) provided AraratBank with a five-year, USD 10 million credit line to finance micro, small and medium enterprises (MSMEs) in Armenia. Priority will be given to businesses most affected by economic, social and security problems caused by the war between Russia and Ukraine.
The Development Facility of the European Fund for Southeast Europe (EFSE DF) will support Armenia-based pre-seed venture capital firm SmartGateVC in implementing a new financing model for early-stage start-ups and research and development (R&D) companies.
The Catalyst Foundation in Armenia has launched a new Science and Technology Convergence Platform (STCP). The project is supported by the EU4Business Innovative Tourism and Technology (ITTD) programme and aims to accelerate and facilitate cooperation between representatives of local science, industry, academia, government and donor communities.
The European Bank for Reconstruction and Development (EBRD) is providing a financial package of US$ 25 million to Acba bank to boost lending to micro, small and medium-sized enterprises (MSMEs) and women-led firms across Armenia.